Jan 16 – Market Analysis

No STAM setups this morning at 7am.  No major changes on the STAM matrix.  GBP is still flying with 14, EUR and NZD on 10, USD and CHF on 8 and the weaklings CAD, JPY and AUD on 2.

Weak AUD employment report came in overnight – consequently the AUD has tanked.

I am in the process of reviewing the market for S3 setups now – I will do this simultaneously with the supply/demand setups.

But before I carry on with that, I want to review the trades that I did yesterday – to see what I did well and what I didn’t do well – see whether there is anything that I can take from it and learn.

Well, it’s now 2pm and I still have not ‘published’ my update.  Let’s get it finished.

Note this morning I took 3 Demand/Supply trades going with the short-term momentum.  I was rather aggressive with my stop loss management – consequently I ended up with 1W, 1BE and 1L and a net gain of 0.5R. 

However I have just entered into one further trade (same trade on which I had the loss this morning!).  Bad boy!! However I am using a tight stop – let’s see where it goes.  All right, it moved in my favour by 10-15 pips so I have shifted the stop to BE.

Trade #225 – S3S setup

It was risky because I shorted the pair after it already made a big move.  A better entry would have been to short once it moved out of the supply zone. 

Given that the entry made the trade risky, I should have considered being more aggressive – in that I should have tightened the stop after being in profit.

An alternative entry approach would have been to wait for a retracement – which did happen shortly after my entry.

All things considered, I should not have executed this trade in the market.

Trade #224 –

Trade review not completed…..

Had meeting with my mentor in the afternoon – discussed the Old Street trading office, the JBT trading room, reversal versus trend-following strategies, some psychology items.  As always a very informative meet!

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